Now that David Ellison's Skydance has secured the keys to Paramount Global, what toys await him inside the company's intellectual property chest? After a nail-biting federal approval process that inspired backlash,

The Federal Communications Commission has cleared the way for Paramount Global to complete its merger with Skydance Media, announcing Thursday that it has approved the deal. The decision removes a final hurdle for the media and entertainment companies to close their transaction. Paramount is the parent company of CBS.

Federal regulators on Thursday approved Paramount’s $8 billion merger with Skydance, clearing the way to close a deal that combined Hollywood glitz with political intrigue.

In just under two weeks, Paramount Global will complete its merger with the smaller Skydance Media to form “ Paramount Skydance Corp.” — and bring a rollercoaster M&A ride to its conclusion. The FCC cleared the Skydance-Paramount deal Thursday, removing the last regulatory obstacle.

The merger clears the way for an $8.4 billion sale of some of the most prominent names in entertainment, including CBS, Paramount, and Nickelodeon.

Paramount’s cable business has cratered. The news division is in turmoil. A.I. is coming for movies. And those are just the obvious challenges facing David Ellison as he takes control.

Upon the deal’s closing, Skydance and its financial partners are set inject $1.5 billion in cash into Paramount. However, that’s intended to go toward reducing Paramount’s long-term debt ($14.16 billion as of Q1 of 2025) to help stabilize its balance sheet.

McCarthy became co-CEO of Paramount, alongside George Cheeks and Brian Robbins, in April 2024. The trio took on the role after the ouster of Bob Bakish as the company was in its first round of negotiations with Skydance. McCarthy is also president of Showtime/MTV Entertainment and oversees the company’s streaming platforms Paramount+ and Pluto TV.

South Park” creators Trey Parker and Matt Stone brought their show back with a vengeance on Wednesday, in an episode that took swings at both the parent company of the network that airs their popular animated series and President Donald Trump.

The merger won approval from U.S. regulators, clearing the way for a sale that evolved into a clash over press freedom in the era of President Donald Trump.

This week, 'South Park,' Jon Stewart and Stephen Colbert all savaged the same (tiny?) thing as the company faces an uprising over its small-minded handling of its legacy properties.

FCC Chairman Brendan Carr was asked to respond to criticisms of the Trump administration's intervention in the free press.